Another big trend in 2007 was urban revitalization. In an effort to attract more people to move to their towns, city planners are remaking their downtown residential and business districts into inviting, accessible areas.

This could be something as simple as redoing the landscape to a full-blown renovation project on the town square. Planners are also taking care to build parking areas and plan traffic around what they hope will be new hot spots of activity.

Developers have an opportunity to find those hidden gems around the nation and start planning a residential development nearby that will offer access to these revitalized areas.

It takes a lot of research and you will need a good business network, but if you can find that part of town that you know is going to be the next Greenwich Village, then you have the perfect opportunity to put your name on the map.

For more information about Urban Revitalization, we recommend that you visit the Urban Land Institute (www.uli.org). They have some great resources including a one-day conference called the Urban Marketplace which gives you the opportunity to look at some investment opportunities and hear more about urban strategies in neighborhoods.

Where do you go from here?

Once you find that special place to build your new development, you have months and maybe even years of work ahead of you. It can be overwhelming to someone new to the game and even to a veteran. Don’t try to do everything on your own! Be willing to find help to take some things off your shoulders so you can concentrate of creating a great space in the newly revitalized urban area.

Understanding what the market will accept is fundamental to a good real estate marketing program. A consultative marketing plan in our process will assist in establishing a baseline for all discussions with the development team as it relates to programming, product mix, product size, development schedule, etc. Need more help? Talk to a luxury real estate expert and find out what your next step needs to be.